The year 2020 already feels like our dream of the future. The development of technology is at its peak and finally, companies are developing computers that think. Even though concepts like Artificial intelligence, Machine Learning have existed for decades, the research and development of technologies that help computers to think have recently been released in the market for developers all over the globe. Among these developments, the development of chatbots has risen, so has its usage in every industry, especially among online marketing companies.
What are Chatbots and their benefits?
Chatbots are software that simulates human personality. They chat with users almost as if a human is chatting with the user. Chatbots use natural language processing technologies in order to understand what the opposite user is trying to communicate and think and formulates answers or sends pre-defined messages depending on the message sent by the user. Natural Language Processing or NLP is a branch of Artificial Intelligence. It deals with the interaction between computers and humans in the natural language of humans. The chatbot industry has risen remarkably and continues to rise in 2020 due to the rising employment of chatbots by social media marketing companies and online marketing companies. Chatbots have been proving that they stand to be the better option. They are continuously improving the brand and corporate image of organizations. Take a look at the list of benefits that a Chatbot carries:
Saves up on costs:
As most machines do, chatbots save up on costs, marginally. A new study released by UK-based Juniper Research estimates that chatbots will help businesses save more than $8 billion per year by 2022. Chatbots have shown to be carrying out almost an unlimited amount of interactions at one time seamlessly. Chatbot maintenance is comparatively less than maintaining a human team for customer service i.e. investing time and money in recruitment and training. These are huge savings. The company can then invest these savings in other important areas that need attention, resulting in the efficient allocation and ultimately, faster achievement of marketing goals.
Improved customer services:
A chatbot can be programmed and trained to get better at handling and solving customer grievances. Also, chatbots don’t need to sleep or take a break. They can be online 24/7 and therefore customers at any time from any place can get their problems solved with prompt customer service almost all the time. Also, don’t forget that these little machines also beat the old and dreaded Interactive Voice Response or IVR. Many users find IVR to be very slow in solving customer problems and sometimes it doesn’t even solve them. Comparatively, chatbots perform much faster and convenient for your end-user. Also, they tend to embody your brand’s objectives and identity in the conversations they have with your customers. This helps in better brand awareness and brand value, assisting the branding company or the branding team you hire in their efforts.
Improved lead conversion:
Chatbots are known to assist well in the lead nurturing process. They have been getting the right amount and the right kind of leads for businesses. This is why many businesses think of them as a golden hen. Well, even we would agree with them. The Real Estate, Finance, Education and Travel Industry have been majorly benefitting from the lead-generating power of chatbots. A chatbot whose purpose is to close sales for the business is known as a lead bot. Leadbots are designed so that they carry out minimal questioning to bring a potential customer to the room of customers. Leads that a lead bot closes are known as chat qualified leads or CQLs. These CQLs are converted with a very simple but fast process employed by the lead bots.
Accuracy:
A customer service t or a lead nurturing team consisting of humans can often communicate messages that do not precisely convey the messages they want to convey. This could often lead to miscommunication. Many barriers often cause this and this could lead to bad customer experience. This, in turn, will be bad for your business since you will start to lose existing customers as well as potential customers due to the reviews of the existing ones. Based on the inputs from the digital marketing company, chatbots are developed using artificial intelligence and Neural language processing to be as accurate, flexible and as receptive as possible in order to provide the most accurate solution to the customer or the lead. Mistakes might happen however the chatbot learns from these mistakes. It then gets even more accurate when it comes to interacting with your customers.
Faster Growth and better productivity:
Chatbots are speeding up things. They speed up the process of solving customer grievances, thus providing us with more time and resources to keep for a time of expansion. They also nurture and convert leads quicker due to the accuracy they hold. This way chatbots make a huge part in the growth of your business. They help indirectly boost some of the crucial activities in your business all by themselves. You won’t need to wrack your brains with the same. Instead, you can shift the focus of your resources on more important fields, such as improvement in production, training of service staff, etc. This way these mean little machines can help in swift and smooth business development.
2020 onwards, these chat products will soon take over every industry. The revolutionary change isn’t fat at all. However business must learn how to make the most out of chatbots. Developing a chatbot, training it accurately and then deploying can become a tedious task for your business. We recommend getting in touch with us, an award-winning digital marketing agency to fulfill your requirements for a chatbot. At Digitactix, the rule is simple, quality first. We deliver state-of-the-art digital marketing services, which reflect on the awards we have won and the achievements we have made for our clients. We have the expertise of working with several clients based in India, the US, and Dubai. Get in touch with us to talk more about your chatbot and other marketing requirements!